Fulvio Maccarone, CFA

Franklin Templeton has gained regulatory approval in Luxembourg to launch its first open-ended private markets strategy aimed at private wealth clients. The fund, co-advised by Franklin Templeton and secondaries specialist Lexington Partners (acquired by Franklin Templeton in 2021), will focus on private equity secondaries and is set to launch in early 2025. George Szemere, CAIA, head of alternatives EMEA wealth management, emphasized the fund’s role in expanding Franklin Templeton's alternatives business and leveraging Lexington’s expertise to enhance access to private markets for wealth managers. The secondaries market has grown significantly, reaching $130 billion in 2023, up from $28 billion in 2013. Open-ended funds in this space are popular due to their liquidity, diversification, and shorter distribution periods. Set up under Luxembourg’s UCI Part II regime, the fund is accessible to professional clients across the EU and retail clients under specific national regulations. This strategy aligns with a broader industry trend, as firms like Coller Capital and The Carlyle Group have also launched similar offerings targeting the wealth channel.

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Really pleased to see Pascal Dudle as 1 of the 5 managers nominated for #FEfundinfo Best Alpha Manager - Responsible for Vontobel Global Environmental Change. With a targeted approach focused on 6 clearly defined Impact Pillars, Pascal’s managed this global equity fund - delivering the double-dividend of positive environmental impact with competitive risk-adjusted returns - for over 15 years.  --- About FE fundinfo Alpha Manager Ratings: The Alpha Manager Rating is a quantitative rating that distinguishes the top UK fund managers based on alpha generation and outperformance across their career history. FE fundinfo ratings allow investors to instantly identify those managers who have consistently outperformed their peer group over time. Vontobel #ImpactInvesting #PositiveImpact #NetZero

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My views on US inflation and activity and the implications for the Fed published (in French, here: https://bit.ly/3xIlvPH) in Allnews.ch, La finance suisse dans l'e-media . For the first time in four months, the US May inflation report showed encouraging figure, with underlying inflation below market expectations. Inflation fell from 3.6% to 3.4% y/y, with a monthly rise of 0.16%, resulting in annualized inflation just below 2% for the first time in three years. . After significant fluctuations earlier in the year, market expectations have stabilized, now anticipating close to two rate cuts by the Fed by the end of the year, while the Fed's own rate cut projections for the end of the year have evolved from three cuts in March to just one in June, contingent on sustained progress towards the 2% inflation target. . The fall in core inflation is due to a continued contraction in goods prices (-1.7% y/y) and a slight drop in services inflation. The fall in goods prices is largely due to lower demand, illustrated by a contraction in retail sales volumes, down by almost 4% since their peak in April 2021. . Services inflation excluding rents fell from 6.5% to 5.5% over six months at an annualized rate, first decline since October 2023, likely due to recent declining demand. US consumption contracted in April, with revised Q1 growth down to 2% annualized. If consumption remains at April's level, Q2 growth could slow to 1.3%, causing the US economy's growth to shift from resilience to a significant slowdown. . With demand running out of steam, the Fed's remaining concerns are twofold; i) the labor market, where wages are rising too sharply (4.1% y/y), ii) price of goods which are expected to contribute less and less to the disinflation process. . Monetary policy remains slightly restrictive, about 60 basis points above the neutral level. This allows the Fed to pass on any fall in inflation to its key rate, September could mark the start of US monetary easing if consistent inflation reports continue.

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📣 IN A MARKET RULED BY BEARS 🧸, YOU’VE SHOWN THE STRENGTH OF A BULL 🐂 I’m excited to reveal that WEALTH (WCPD Inc) is the leading sponsor for Europe’s largest Precious Metals & Energy Investment Conference at The Dolder Grand in Zurich on November 20th & 21st, 2024 🇨🇭 The WEALTH (WCPD Inc) team has successfully closed the largest structured flow-through financing in Canadian history with Skeena Resources Limited, a ✨$100 million✨charity flow-through financing as part of their larger 1B$ financing completed in June. This incredible #milestone underscores the expertise and commitment to excellence of Bita Cattelan, CAP® CIM® , Paolo Cattelan, and their entire team 🤝 🇨🇦 As we join forces for the Swiss Mining Institute conference this Fall, which is shaping up to be our largest yet with over 1,000 #investors together with 100+ selected #mining companies, I’m excited to collaborate with Bita Cattelan, CAP® CIM® , Paolo Cattelan and their team. Their exceptional expertise and commitment to collaboration are key to our collective success 📈 In the #mining sector, it’s all about #PEOPLE, and I’m proud to be surrounded by such dedicated and inspiring individuals 🙏 Together, we are stronger. In this unique industry where great minds meet, it is through our collective efforts and shared passion that we continue to drive success and innovation. #Mining #Metals #Success #People #Gold #Naturalresources #Energy #Geology #Commodities #Preciousmetals

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Monthly views: Prospects for the world economy have improved and interest rates are about to fall. That's a positive backdrop for stock markets in the near term. Read our investment outlook: https://lnkd.in/esbniHP8 #assetallocation #investmentoutlook #barometer

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Pictet Asset Management investment outlook in lovely/sunny #Vienna. Stay overweight European #equities and US Treasuries. Wait for @federalreserve rate cuts, weaker USD and upgrades in #China’s earnings for a tactical overweight in #EM.

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In this week’s issue: Draghi: Europe, time to press ahead Mario Draghi, the former president of the European Central Bank and prime minister of Italy, recently submitted a comprehensive report addressing the EU’s loss of competitiveness. We examine the feasibility of his ambitious plan and the potential implications for portfolio positioning. Regional developments: Canadian equities reach new all-time high; U.S. equities look to round out the calendar quarter with solid gains; China-exposed European cyclicals buoyed by stimulus; China announces a flurry of stimulus

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Paperjam.lu just published the second part of the discussion we had with Sylvain Barrette. CFA We see good opportunities for 2025 in a very challenging environment where swap rates are lower than treasury rates (US & Germany)

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Biodiversity remains less established than climate change as a sustainability focus for investors. However, both are strongly interlinked and it is thus not surprising that thematic and impact investors are increasingly placing attention and resources on nature. In this context it is notable that Emerging Market corporate issuers have begun to add biodiversity projects/KPIs to their toolkit in green and sustainability (linked) bonds. Pulp and paper, for instance, is a relevant sector in our universe, especially in LatAm that can contribute to biodiversity loss (forestry, water use etc). Funding and incentives for counter measures such as reduction in water usage and sustainable forestry or the re-introduction of species is thus well needed. Brazilian packaging company Klabin's sustainability linked bond provides an interesting case study here. For more, please have a look at an article my colleague Philipp Buff and I recently wrote via the link below. https://lnkd.in/e4EbNkiv #biodiversity #sustainability #climatechange #emergingmarkets #fixedincome Pictet Asset Management https://lnkd.in/e4EbNkiv

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Join our webcast with chief strategist Luca Paolini on Tuesday 3rd December for our return forecasts for the next 12 months across asset classes as well as the implications of Trumponomics for markets. We'll also cover: -Why the UK could be the growth wildcard and outperform its European counterparts -Why we expect a modest recovery in the Euro-area economy next year -How conditions are becoming supportive for risk assets globally Register here: https://lnkd.in/dujXsWY9

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#US dominance in #financialmarkets has long roots yet this dominance is based on #trust, can the current trajectory of #US #debt derail the course and destroy #trust? Attached a #pictetresearchinstitute #paper that analises what could happen

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My view on the Fed after the 50 bp cut to keep the economy strong published in @allnews (in French): https://bit.ly/4gDCjJx   . The Fed cut its key rate by 50 basis points (bp), starting a new phase of accommodative monetary policy. . This 50 bp cut does not reflect the Fed's lag in the economic cycle, but rather its commitment not to fall behind and to ensure economic growth close to potential, as well as a solid job market, while inflation gradually moves closer to the 2% target. The FOMC's forecasts confirm this outlook. . Like the Fed, the market is anticipating a terminal rate of 2.9%, corresponding to the neutral rate. The idea of a sharp slowdown or recession, which would lead to a terminal rate below the neutral rate - a hypothesis that the market was still considering a few weeks ago - has been ruled out. . The level of this neutral rate, expected at 2.9% or 0.9% in real terms (r*), remains contested. The average from the two main r* models suggest a real neutral rate of 1.7%, implying a nominal neutral rate of 3.7%. It seems then that the market is expecting three too many of the eight cuts it is anticipating. . In practice, the Fed is rightly not going to rush to a neutral rate, the level of which remains highly uncertain, but will favour a gradual approach in order to identify it . Following another 50 bp cut between now and year end, further monetary easing will be spaced out to continue to assess the impact of past restrictive measures, in particular their transmission to economic activity and inflation, to observe the effects of the first rate cuts, and to take account of the policies of the new administration - whether Republican or Democrat - which are likely to worsen the fiscal deficit. Against this backdrop, market expectations of 8 rate cuts out of the next 9 Fed meetings seem clearly exaggerated . The market's expectations of a terminal rate being too low and reaching it too quickly may be unrealistic, making bond markets less attractive

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Get crucial insights on the high costs of building and the low costs of breaking in the #investment realm, emphasizing the importance of careful reputation management.

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Discover the latest white paper from Candriam and delve into the regulatory landscape surrounding these persistent pollutants. 🔗 https://lnkd.in/dHNgN77t #candriam #investing4tomorrow

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Amundi US Chief Investment Officer, Marco Pirondini, discusses the importance of quality during times of geopolitical stress. Learn more below!

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Monthly views: Conditions remain favourable for equity markets overall but we trim exposure to tech stocks following their stellar run. Read the full article https://lnkd.in/egY7mzmZ #assetallocation #investmentoutlook #barometer

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